TAH shares have enjoyed an excellent 2-years and they remain resilient helped by a solid half-year result delivered last month i.e. Lotteries & Keno revenue surged 10.9% although COVID caused wagering and media revenue to fall a similar 9.8%. The net result through difficult times was the group revenue increased 2.2% to $2.9bn, however the quandary for us comes from the stocks strong performance over the past 12-months and subsequent valuation, the shares are trading on 27.8x est. 2022 earnings leaving us neutral but around $4.50 the risk / reward would be interesting.
MM is neutral TAH around $5
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